May 16, 2023
KEY Insurance Company Limited (KEY) for the quarter ended March 31, 2023, recorded insurance revenue of $585.01 million (2022: $484.35 million). KEY stated that, “This was largely due to the steady premium growth in the non-motor portfolio, which saw an increase of $64.5 million or 49% over the similar period in 2022.”
Net investment income amounted to $55.61 million versus $19.30 million reported twelve months prior. While, net insurance and investment result amounted to $35.18 million (2022: $29.29 million).
Profit before taxation closed at $5.30 million compared to $3.43 million reported in the prior comparable period.
Net profit totalled $3.53 million for the period under review (2022: $2.29 million), 54% increase.
Earnings per share (EPS) for the quarter amounted to $0.006 relative to EPS of $0.004 in 2022. The trailing twelve months earnings per share totalled $0.10. The number of shares used in the calculation was 559,323,101 units. KEY last traded at $3.40 as at May 16, 2023 with a corresponding P/E of 34.24 times.
KEY stated, “The Company continues to benefit from the repositioned investment portfolio and the increase in interest rates, which resulted in a 188.1% increase in investment income for the first quarter of 2023 compared to the corresponding period in 2022.”
Balance Sheet Highlights:
The Company’s total assets amounted to $3.84 billion as March 31, 2023 up from $3.52 billion in 2022. The overall growth in the asset base was attributed to a 86% increase in ‘Investment Securities’ which closed at $1.44 billion (2022: $773.10 million). The overall movement in the asset base was tempered by a 44% decline in ‘Cash and deposits’ which closed at $877.88 million (2022: $1.58 billion) for the period under review.
Total stockholders’ equity as at March 31, 2023 was $1.27 billion (2022: $1.22 billion), resulting in a book value of $2.28 (2022: $2.18).
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